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Congress Must Approve Central Bank Digital Currency (CBDC) Issuance

This bill prevents the Federal Reserve and the Treasury Secretary from issuing a Central Bank Digital Currency (CBDC) unless Congress explicitly authorizes it. This ensures the government cannot create a new, official digital dollar without a clear mandate from elected representatives. The legislation maintains that Congress holds the constitutional authority over coining and regulating the value of money.
Key points
The Federal Reserve is prohibited from issuing a digital dollar (CBDC) without prior Congressional approval.
The Treasury Secretary is barred from directing the Federal Reserve to create a CBDC without legislative authorization.
This measure protects the legislative branch's control over the nation's monetary system structure.
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Expired
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Additional Information
Print number: 118_HR_3402
Sponsor: Rep. Auchincloss, Jake [D-MA-4]
Process start date: 2023-05-17
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Power of the Mint Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3402.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-05-17.

What are the main provisions?

Key points include:

  • The Federal Reserve is prohibited from issuing a digital dollar (CBDC) without prior Congressional approval.
  • The Treasury Secretary is barred from directing the Federal Reserve to create a CBDC without legislative authorization.
  • This measure protects the legislative branch's control over the nation's monetary system structure.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Auchincloss, Jake [D-MA-4].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy